"Crypto's February Bloodbath: $1.5B Stolen, Bybit Hack Tops $1.4B"
1min read Crypto losses from exploits, scams, and hacks surged in February, with a total of nearly $1.53 billion stolen, according to blockchain security firm CertiK. The largest single incident was the $1.4 billion hack of Bybit, which accounted for over 90% of the total losses.
The Bybit hack, carried out by North Korea's Lazarus Group on February 21, was the largest crypto hack to date, more than doubling the previous record of $650 million from the Ronin bridge hack in March 2022. Excluding Bybit's losses, the remaining crypto losses in February totaled over $126 million, still a significant increase from the $98 million recorded in January.
Bybit reported that attackers gained control of a storage wallet, and the FBI later confirmed that North Korea was behind the attack. The stolen crypto has since been converted and dispersed across thousands of addresses on multiple blockchains.
The second most significant incident in February was the hack of stablecoin payment firm Infini, which resulted in a loss of $49 million. CertiK's investigation revealed that a key wallet used in the attack had previously been involved in developing Infini contracts and retained admin rights, highlighting a major vulnerability in the platform's security.
The Infini team offered the hacker a chance to keep 20% of the stolen funds if the remainder was returned, with no legal consequences. However, the hacker has not yet accepted the offer, and the wallet used in the attack still holds over 17,000 Ether (ETH), worth approximately $43 million.
Decentralized money lending protocol ZkLend suffered the third-largest exploit in February, with hackers stealing $10 million. According to CertiK, the top categories for losses in February were wallet compromises, code vulnerabilities, and phishing, resulting in $20 million, $1.8 million, and $1.8 million in losses, respectively.
Crypto losses had been declining in the final months of 2022, with December registering the smallest amount stolen at $28.6 million, compared to $63.8 million in November and $115.8 million in October. However, the surge in February serves as a stark reminder of the ongoing security challenges facing the crypto 